Loan Introducer
  • Home
  • News
  • Latest Issue
  • Mortgage Rates
  • House Price Centre
  • Blog
  • Commercial
  • Residential
  • Secured
  • Short Term
  • Unsecured
Facebook LinkedIn Twitter

Time: 0:0

Wonga chairman to jump ship ahead of FCA review

31 March, 2014

By: Ryan Bembridge

category: Short Term, Unsecured

0

Wonga chairman Errol Damelin will step down ahead of the FCAs scrutiny of payday lenders.

He is said to have grown weary of defending the company from political attacks and public outcry.

Damelin currently holds a 5% stake in the payday loan company, which is worth around £50m.

The UK payday lending sector is worth around £2bn, having doubled in value since 2008.

The FCA will take responsibility for the consumer credit industry, including payday loans, from 1 April 2014.

The authority has already warned lenders they will not be able to extend loans more than twice, while they are prohibited from repeatedly attempting to take payments from people’s bank accounts.


Tags: lending, loan, loans, Payday, Payday loans, Wonga

Recent News

ONS: House prices up 8.6% in the year to February

21 April, 2021

Ocean Finance launches messaging service

21 April, 2021

Loans Warehouse: Second charge lending up 31%

14 April, 2021

Together offers reduced rates on second charge products

14 April, 2021

Comments are closed.

Polls

Will the next six months see an increase in second charge business?

View Results

Loading ... Loading ...
BACK TO TOP

Blog

Blog: Regulation, regulation, regulation

28 January, 2016

  • 0

BLOG: The need to shop around

27 October, 2015

  • 0

Experience is everything

28 March, 2013

  • 0

Tags

  • ‘The LM Experience’
  • £50m
  • 1st HomeLoans
  • 1st Stop Group
  • 247Moneybox
  • 360 Lifecycle
  • 75% LTV
  • 85% LTV
  • Aaron Noone
  • ABC
  • Abhai Rajguru
  • Access 4 Finance
  • Access4Finance
  • Accord
  • acquisition
  • Adam Tyler
  • Adelle Rhule-Martin
  • Adrian Moloney
  • Advertising Standards Agency
  • Advertising Standards Agnecy
  • Home
  • News
  • Latest Issue
  • Mortgage Rates
  • House Price Centre
  • Blog
Facebook LinkedIn Twitter

© CEDAC Media Limited | Terms & Conditions

Advice to readers

While this website is checked for accuracy, we are not liable for any incorrect information included. We recommend that you make enquiries based on your own circumstances and, if necessary, take professional advice before entering into transactions.


© Mortgage Introducer Limited: Our Privacy and Cookies Policy

TPG

www.mortgageintroducer.com
www.investmentinternational.com
www.homebuying.co.uk
www.propertywire.com
www.everyinvestor.co.uk

Close

Enter the site

Login

Password

Remember me

Forgot password?

Login